July saw a monthly dip in pending sales nationally, though the rate was above one-year-ago figures for the 27th straight month. Higher prices are affecting the availability of FHA financing in some areas. And some areas are seeing higher mortgage and flood insurance premiums. On the plus side, households are jumping into the market to buy before rates and prices rise further. All trend lines are from July 2012 to July 2013.
Existing-home sales is a seasonally adjusted annual rate, which is the actual rate of sales for the month, multiplied by 12 and adjusted for seasonal sales differences. Pending home sales is an index that measures -housing contract activity. An index of 100 is equal to the level of activity during 2001, the benchmark year. Price indicates the national median. Inventory measures the number of existing homes on the market at the end of the month.
Buyer and seller traffic, current conditions, six-month expectations, and time on market derive from a monthly REALTOR® Confidence Index. Results for July are based on 3,342 responses to 6,000 surveys sent to large and small real estate offices. The survey asks practitioners to indicate whether conditions are strong (100 points), moderate (50), or weak (0). Some data may be revised from previous issues. Information from the National Association of REALTORS September/October 2013